Jim Webb’s Economics, II

The Times-Dispatch finally saw fit to give Jim Webb space to air his economic views on Tuesday, reprinting an op-ed which originally appeared in the Wall Street Journal last week. Curiously, however, the op-ed staff chose to give top billing on the printed page to a piece by regular columnist Barton Hinkle—even though Hinkle’s piece is clearly a response to Webb.

Webb writes that many of the relatively privileged have put great effort into downplaying the scale and significance of the vast increase in economic inequality witnessed over the last generation. Hinkle proves Webb’s point in his article, intended to persuade us that Webb’s economic populism only “skims the surface” of the real economy.

Hinkle’s piece trots out several old chestnuts of conservative “wisdom” concerning economic justice. First, Hinkle assures us of the degree of social mobility which American capitalism affords, by pointing to the fact that many people rise and fall through the income quintiles over the course of the life cycle. Second, Hinkle assures us that the rich are already paying a great deal in taxes. Third, Hinkle argues that inequality measures really aren’t important anyway, because the real standard of living is rising over time.

Each of those claims is contentious and, I believe, either wrong or seriously misleading. To provide an adequate response to each of those points would be too much for a single humble blog posting. So over the remainder of the week, this space will roll out responses to each of those core claims in three separate blog postings; look for the first one tomorrow morning.

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Published in: on November 21, 2006 at 4:00 pm  Leave a Comment  

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